Nordic Capital has announced the IPO of Cary Group Holding AB (publ) (Cary Group), a vehicle glass repair and replacement provider, on Nasdaq Stockholm.
The offering attracted very strong interest from large Swedish and international institutional investors as well as the general public in Sweden. The offering was multiple times oversubscribed. Trading on Nasdaq Stockholm commenced on 23 September, 2021. The Offering price was set at SEK70 per share, corresponding to a market value for all outstanding shares of approximately SEK9.2 billion.
In 2018, Nordic Capital VIII invested in Cary Group (previously Ryds Bilglas) with the ambition of building a leader in Europe’s sustainable car care market. As a result of significant investment in the organisation, operational excellence, digitalisation and an accelerated M&A agenda to enable domestic and international expansion, Cary Group has expanded outside Sweden to become a market leader in the Nordics with a growing presence in Europe. Cary Group has grown fourfold since Nordic Capital’s acquisition in early 2018. It has increased its number of workshops from 100 in Sweden to over 520 workshops in Scandinavia, UK and Spain, its employees from 350 to 1,400 and its proforma revenues have grown from approx SEK700 mn in 2017 to SEK2,140 mn in 2020. With sustainability at the heart of its business strategy, the Company seeks to promote repair over replacement, providing car care services that sustain the life, value and safety features of vehicles at convenient locations across Europe with brands such as Ryds Bilglas, Svenska Bussglas, Mobile Windscreens, Crashpoint, Cary and Ralarsa.
Joakim Andreasson, Principal at Nordic Capital Advisors and board member of Cary Group, says: “Cary Group has during the Nordic Capital stewardship grown fourfold as a result of successful investments in the organisation and acquisitions. The company has evolved from a leader in Sweden to becoming the leading player in the Nordic region with fast expanding presence in Europe in the leading markets of the UK and Spain and a clear plan for further expansion. We are very proud of the past years’ intensive growth journey, where the team at Cary Group supported by Nordic Capital has built a company that is stronger than ever before. The interest in Cary Group’s listing has demonstrated great trust in the company from both the public and institutions. Nordic Capital looks forward to continuing to be an active owner of Cary Group and welcomes all new shareholders taking part in this exciting growth journey.”
Anders Jensen, CEO of Cary Group, comments: “This day marks a major milestone in Cary Group’s 70-year history. All our employees have contributed to our successful European expansion and the customer offering that constitutes our strong market position. Today, with over 4,000 new shareholders, Cary Group will list on Nasdaq Stockholm, which gives us even better conditions to accelerate our growth and strengthen our market position in Europe.”
Magnus Lindquist, Chairman of Cary Group, comments: “In recent years, Cary Group has grown into a market leader in the Nordic region and successfully expanded into Europe. Through a successful M&A strategy, combined with a clear focus on customer satisfaction, digitalised processes, and important initiatives for a reduced climate footprint, the Company has created profitable growth over time and established itself as an industry pioneer in sustainable development. Today, the Company accesses the Swedish and international capital markets – which will strengthen the conditions for continued European expansion.”
Nordic Capital has extensive experience in the Industrial and Business Services sector. Since 1991, it has deployed EUR3.9 billion in 40 Industrial & Business Services platform investments across Northern Europe. It has achieved repeatable success and developed thriving companies as evidenced by the performance of investments such as iLOQ, Consilium Safety Group, Intrum and the most recent investment in Sortera in 2021.
